Money Secrets that Make Rich Nigerians in 2023

Nigerians desiring to be rich in 2023 can transform their desires into reality when they pay attention to certain money secrets.

These money secrets which are a combination of strategic thinking, diversification, entrepreneurship, financial education, and technology can unlock your full financial potential and set you up for a prosperous future.

While it is true that everyone’s journey to financial success is unique, complementing these secrets with hard work, resilience, and adaptability, can make you rich in 2023. Let’s examine some of these secrets and see how close you are to becoming rich this year.

Don’t save your money in the bank

While practising a good savings culture is good, it is important to know that you can not save your way into wealth. This is because the interest rates on a savings account are incredibly low. Also, keeping your money in a savings account can make you miss opportunities. It can make you hesitant in starting a business or accepting good deals.

Rather than allow your money to lose its value by sitting in the bank, look out for opportunities to increase your wealth. Also, savings should only be a priority when you have a goal in mind.

Take good debt

Good debt can make you a rich Nigerian because it allows you to purchase assets that appreciate in value. Good debt which includes student loans, small-business loans, mortgages, and personal loans can also help you reach your financial goals.

For example, the highly celebrated $19 billion Dangote refinery was largely built on debt. According to reports the Dangote Refinery and Petrochemicals plant has already paid down over 70 per cent of the debt acquired to build it. If your debt can potentially increase your net worth or significantly enhance your life then it’s good. Go for it!

Diversify your investments

One of the money secrets that can make Nigerians rich is their ability to diversify investments. Spreading your money into different investments, such as stocks, bonds, and real estate will reduce your risk and protect you from market fluctuations.

Aliko Dangote, who was recently displaced as Africa’s richest person leads the Dangote Group, a conglomerate with diversified interests. The Group’s interests span a range of sectors in Nigeria and across Africa. From Cement to Sugar, Flour and Oil the conglomerate has a strong monopoly in the African market. 

If you want to be rich this year, stop putting all your eggs in one basket. Broaden your knowledge and invest in industries that have the potential to raise billionaires in the coming year.

Your earning should supersede your spending

As individuals, there is always the temptation to spend more than you earn. However, if you desire to be a rich Nigerian in 2023, you have to start living below your means. Be discrete in spending. Ensure that you don’t spend more money than you make. This will help you garner money that will be converted into other business ventures.

Also, note that spending more than your earnings can make you incur a bad debt. Bad debt reduces your chances of being rich, so avoid it. Learn to work with a budget that guides your spending. If you want to spend more, then start looking for how to earn more.

Multiply your income streams

Another money secret that can make Nigerians rich in 2023 is multiplying your streams of income. This is evident in the extensive business portfolios owned by African billionaires. 

Nigerian entrepreneur and investor, Tony Elumelu started in the banking sector and expanded into investment. Currently, his investment portfolio at Heirs Holdings spans the power, oil and gas, financial services, hospitality, real estate and healthcare sectors.

As you master your industry, be open to identifying lucrative opportunities for expansion.